Page 46 - Oil&Gas-AustralAsia-2015-Issue-4
P. 46
V IETNAM
ONGC awarded exploration rights in
contested Vietnamese waters
By Marie RYAN
MH-60R Sea Hawk helicopters patrol the South China Sea.
Image courtesy of the US Navy.
Indian state-owned Oil and Natural Gas ment licence for the Block on June 16, OVL forayed into Vietnam as early as
Corp (ONGC) said in late August it had 2006, being effective date of the PSC, 1988, when it bagged the exploration
received a one-year extension to explore ONGC said. licence for Block 6.1.
in a Vietnam oil block in the contested The company has not found any hydro- The company got two exploration
waters of the South China Sea. carbon in the block but is continuing to blocks - Block 127 and Block 128, in
In May the company applied to the stay invested. 2006. However, Block 127 was relin-
Vietnamese authorities for a third ONGC termed the extension as “rou- quished due to poor prospectivity but
extension of the exploration licence for tine” saying such an exercise is carried the other Block 128 was retained.
deep sea Block 128 to maintain India’s out in all the exploration blocks where The first extension followed China put-
strategic interest in the South China Sea. extensions are required for further ting the area under Block 128 for global
In a regulatory filing, ONGC said studies. bidding.
its overseas investment arm, ONGC OVL first took a two-year extension of OVL holds 100 per cent interest in
Videsh Ltd (OVL) had applied for the exploration period till June 2014 Block 128.
extension of block to PetroVietnam, and then another one year. That extend- China claims sovereignty over most of
Vietnam’s national oil company, on May ed licence expired on June 15, 2015. the South China Sea where Block 127
28, 2015. The company has so far invested $50.88 and 128 are located and had warned the
“In response of ONGC Videsh request, million in the block. Indian arm from drilling in the region.
PetroVietnam has granted extension of The block lies in the part of South OVL continues to own 45% stake in Vi-
the block up to June 15, 2016,” it said. China Sea over which China claims etnam’s offshore block 6.1 and its share
OVL had signed Production Sharing sovereignty. In 2011, Beijing had of production was 2.023 billion cubic
Contract (PSC) for the 7,058 square warned OVL that its exploration activ- metres of gas and 0.036 million tonnes
kilometer Block 128 in offshore ities off the Vietnam coast were illegal of condensate. §
PhuKhanh Basin, Vietnam on May 24, and violated China’s sovereignty, but the
2006. Ministry of Planning & Invest- company continued exploring for oil
ment (MPI), Vietnam issued invest- and gas.
A A40 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
ONGC awarded exploration rights in
contested Vietnamese waters
By Marie RYAN
MH-60R Sea Hawk helicopters patrol the South China Sea.
Image courtesy of the US Navy.
Indian state-owned Oil and Natural Gas ment licence for the Block on June 16, OVL forayed into Vietnam as early as
Corp (ONGC) said in late August it had 2006, being effective date of the PSC, 1988, when it bagged the exploration
received a one-year extension to explore ONGC said. licence for Block 6.1.
in a Vietnam oil block in the contested The company has not found any hydro- The company got two exploration
waters of the South China Sea. carbon in the block but is continuing to blocks - Block 127 and Block 128, in
In May the company applied to the stay invested. 2006. However, Block 127 was relin-
Vietnamese authorities for a third ONGC termed the extension as “rou- quished due to poor prospectivity but
extension of the exploration licence for tine” saying such an exercise is carried the other Block 128 was retained.
deep sea Block 128 to maintain India’s out in all the exploration blocks where The first extension followed China put-
strategic interest in the South China Sea. extensions are required for further ting the area under Block 128 for global
In a regulatory filing, ONGC said studies. bidding.
its overseas investment arm, ONGC OVL first took a two-year extension of OVL holds 100 per cent interest in
Videsh Ltd (OVL) had applied for the exploration period till June 2014 Block 128.
extension of block to PetroVietnam, and then another one year. That extend- China claims sovereignty over most of
Vietnam’s national oil company, on May ed licence expired on June 15, 2015. the South China Sea where Block 127
28, 2015. The company has so far invested $50.88 and 128 are located and had warned the
“In response of ONGC Videsh request, million in the block. Indian arm from drilling in the region.
PetroVietnam has granted extension of The block lies in the part of South OVL continues to own 45% stake in Vi-
the block up to June 15, 2016,” it said. China Sea over which China claims etnam’s offshore block 6.1 and its share
OVL had signed Production Sharing sovereignty. In 2011, Beijing had of production was 2.023 billion cubic
Contract (PSC) for the 7,058 square warned OVL that its exploration activ- metres of gas and 0.036 million tonnes
kilometer Block 128 in offshore ities off the Vietnam coast were illegal of condensate. §
PhuKhanh Basin, Vietnam on May 24, and violated China’s sovereignty, but the
2006. Ministry of Planning & Invest- company continued exploring for oil
ment (MPI), Vietnam issued invest- and gas.
A A40 OIL & GAS ustral SIA SEPTEMBER/OCTOBER 2015 www.oilandgasaustralasia.com
